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Personal Car Leasing

      Personal car leasing is an often overlooked way of getting a car. A lot of people often assume that you have to buy a car in order to use one long-term and only think about hiring a car for short holidays. But what if you enjoyed your holiday to Crete so much that you want to stay for longer, and will need a car while you’re out there? Or perhaps you plan to buy a holiday home, but don’t have the capital to spend on a new car as well?

A contract hire is an excellent way of gaining use of a car long-term without having to make the initial capital outlay. Not only that, but if you take out a personal contract hire with a local car leasing company, you may be able to get maintenance costs factored in as well, meaning that for a fixed monthly cost you can use the car without having to worry about how much extra it will cost you if any work needs doing.

Similarly, another advantage of not owning the car is that you are not subject to depreciation risk – where the value of the car decreases with time and you will not be able to recover your initial capital outlay when selling, as the car hire company will still own the car during the term of the contract.

If you do decide to buy, you may be given the option of purchasing the car at the end of the contract. This is particularly true of a Personal Contract Purchase, where the opportunity to buy is defined in the agreement (although carries no obligation to do so) but your car leasing company may be flexible enough to offer you this opportunity regardless of the initial contract.

The cost of hiring the car will most likely be less than it would cost to take out a loan in order to buy a car, so if you need a car and don’t have the capital, personal car leasing is an option that you really should consider, as it gives you all the advantages of having a car, without any of the trouble of owning one. Or if you are set on owning one, it can give you time to get your money together to buy one – whether that’s the same car you hired or not.

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